Saving money in today’s economy can sometimes seem impossible. It’s key to remember the money you receive after taxes is your money to spend as you choose. If you feel overwhelmed and unable to figure out where to trim your spending, read on to see if any of the five below ideas would work for you!
- Pull the Cable Plug
One simple way to eliminate a large cost out of your monthly expenses is to cut the cable cord. Spending time in front of the television is not only bad for your health, but it can be expensive. The average monthly cable bill for Americans sits around $100.
To cut some costs, try using other methods to get entertainment more cheaply. Netflix and Hulu are great options for someone who loves certain television shows and movies. On a $7.99 Netflix account, you can have five logins, so you can split it with friends to lower the cost even more!
- Buy in Bulk
You may be hesitant to buy items in bulk because you’re afraid the food will spoil. But there are other items that you should purchase if they are at a low cost in the grocery store. If you see a sale on these items if you use them, splurge now to save later:
- paper towels
- toilet paper
- shower items
- dishwasher and dish detergent
- laundry detergent
- dental hygiene items
If you can purchase a membership to a bulk foods store and split items with a neighbor or family member, you won’t have to worry about storing all of your extra goods, but you’ll still reap the benefits.
- Dine In, Not Out
Although it is nice to have a dinner out occasionally, avoid excessive restaurant or fast food visits to pinch more than just pennies. A recent study shows that the average American spends approximately $240 a month just on dining out! That’s a lot of money.
To curb your desire to eat out, research some of your favorite recipes from the restaurants you frequent and give them your own twist. Your wallet will thank you later.
- Be Smart With Necessities
In life, there are some things you can’t avoid. A car problem, a leaky roof, or a dental repair can eat into your emergency fund, and if you don’t have an emergency fund, what will you do?
Before you go with the first quote from an expert, shop around a little if you can get a free quote. You may save a few hundred dollars! And don’t forget to find out how Uncle Sam can help you in some situations regarding your dental care.
- Nix One Vice
That spiced latte from Dunkin Donuts or Starbucks is really good while it lasts, but it does more damage than good to your wallet. Everyone has a vice – it’s just some are more expensive than others. Eating out frequently, cigarettes, and even that ‘innocent’ coffee habit once or twice a week can damage your health and ruin your savings account.
Find one thing you are willing and able to live without and cut it out of your budget. That one simple cut in your spending could help you save a lot of money per month!
Even if you enact one of the above tips into your life, you’ll be able to save money for more important things! Keep your goal in mind. Whether it’s to bolster your savings account, go on a dream vacation, or save up for a new car or home, the small things will really add up in the long run.